CNBC reports AIG likely to fail tomorrow

They just said it doesn't look like AIG will get the help it needs to stay solvent ie.75 billion by tomorrow. They equated this to a financial nuclear bomb. Welcome to the second great depression.

It's bad but this is only the beginning. Do you have a link to CNBC/AIG thing?

I'm not finding anything on CNBC site but if you turn on CNBC they have a special on it right now.

if AIG fails...alot of sh*t is going to hit the fan...it will make Bear Sterns look like a bankrupt hot dog stand in comparison. people in the financial industry are crappin' bricks over this one, and they have good reason to.

[edit on 15-9-2008 by jimmyx]

Any links on this yet?

Edit:
www.cnbc.com...
www.businesssheet.com...
messages.fin... ance.yahoo.com/

Best informed: (Great read!)
thescotsman.scotsman.com...

[edit on 9/15/2008 by QuietSoul]

[edit on 9/15/2008 by QuietSoul]

Last I heard, they're trying to salvage AIG.
There's a lot of money to be made there at a discount.

AIG Reportedly to Receive $70 Billion from Goldman Sachs, JPMorgan Chase

source

Originally posted by pompano
They just said it doesn't look like AIG will get the help it needs to stay solvent ie.75 billion by tomorrow. They equated this to a financial nuclear bomb. Welcome to the second great depression.

I heard that "nuclear bomb" statement by Carl Quintanilla live and it wasn't really a CNBC statement, it was more of an off hand opinion.

reply to post by schrodingers dog


Yep. That has been reported all day but there seems to be conflicting opinions on CNBC tonight.

Faber is really scaring me. He has a dark outlook for AIG and wall street.

reply to post by necspe


Can we get our pennies together?
We can come up with 75bil.
We can borrow from SO and Obama'a campaign.

I heard that "nuclear bomb" statement by Carl Quintanilla live and it wasn't really a CNBC statement, it was more of an off hand opinion.

Call it what you want the guy works for CNBC ,he's a professional and he knows what he's talking about. This will spread through the worldwide system like a virus.

I don't know the details of the AIG situation but generally, insurance companies are required to keep reserves and usually invest the balance in very stable safe, low yielding government notes and bonds. AIG must have had a subsidiaries with a lot of exposure to the whole mortgage fiasco. Not looking too good if AIG got caught up in the whole "mortgage security" mess.

god dammit if things get any worse tomorrow im hopping on a boat and leaving the country. this will be like a domino effect. company after company fall until chaos. i wont be around for martial law.

Originally posted by N. Tesla
god dammit if things get any worse tomorrow im hopping on a boat and leaving the country. this will be like a domino effect. company after company fall until chaos. i wont be around for martial law.

Funny you should mention "domino effect" because that is how the AIG unraveling has been described. Because their credit rating was downgraded they can find anyone to loan them the $$$. According to reports on CNBC, the tipping point has been reached and it has morphed into a cascading effect.

I hope they are wrong but I am sooooo thankful I moved my portfolio into bonds and cash last month

[edit on 15-9-2008 by necspe]

I understand almost O about the stock market,what does this mean for the average joe?, food prices skyrocket? gas prices higher?mass job losses?

reply to post by all2human



I think everyones situation will be different but definitely massive job losses because companys are going to want to save as much money as they can. I have a feeling they will cut rates again and inflation will come back causing higher prices.

Originally posted by all2human
I understand almost O about the stock market,what does this mean for the average joe?, food prices skyrocket? gas prices higher?mass job losses?

For the average Joe? As Wall Street unravels the losses the dollar will devalue against foreign currencies, which means in the long run your wages will become diluted against foreign imoprts, i.e. import prices will rise which will include oil, food, Walmart, clothing and everything that is not made in the USA. As prices rise worldwide, American companies, due to devaluation, will suffer from a loss of sales, which results in lay-offs, which causes people to spend less, which leads to a lack of orders for companies, which leads to layoffs, etc.

Gold and Silver ONLY if you can get delivery NOW.
Don't buy Chinese Silver or other metals, they are cheating ppl by making the internal part of the ingots from an alloy, then covering it in .999 silver.
Instead of placing all your money in the bank, place only what you need in the bank, keep a good supply of cash ready.

It's a bit strange that the end of Bush's term all this crap is happening with these buy outs and big company's in trouble.

AIG is a huge international company ....if it fails it affects the rest of the world.

They need a hell of a lot of money for the band aid.

well looks like they got that "band-aid" and 85 billlion dollar band-aid. what im wondering is if they cant pay off their current debt how will and extra 85 billion dollar debt help?